Credit-Bail
The fiscal year ending 31 March 2012 was a challenging year for the financial services industry characterized by an increasingly difficult economic environment and political upheaval in the Middle East and North Africa (MENA) region. Although the United Arab Emirates (UAE), our core market, did not witness any political or social unrest, and remained stable throughout this period, we were not immune from the economic and financial fall-out of this political uncertainty given our regional footprint.
Furthermore, the expectation of a global economic recovery diminished with the growing sovereign credit crisis in the European Union, which exacerbated the volatility in financial markets.Against this backdrop, our consolidated revenues from continuing and discontinued operations for FY 2011-12 increased to AED 107.1 million representing a year-on-year increase of 5%. Our net profit increased to AED 3.9 million.
Our financial performance reflects an economic environment that remains distressed. However, despite these challenges we have managed to mitigate the adverse impact on our profitability as much as possible through our prudent financial management and fiscal discipline.
Contacter : NATIONAL INVESTOR
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